Preheat oven to 350 degrees F.
Place 4 slices of bread in a large bowl then pour 1 cup of milk over the bread. Rest 5 minutes, until most of the liquid is absorbed.
Finely dice the bell pepper and onion.
Add bell pepper, onion, beef, eggs, salt, and pepper to the bread. Stir mixture together until fully combined.
In a medium skillet, heat about 1 inch of oil over medium-high heat.
Portion out about 1 1/2 tablespoons of meat mixture and roll into a meatball. Brown meatball in hot oil, turning once to brown the other side.
Drain browned meatballs well on a piece of paper towel then place them into a greased 9x13-inch casserole dish.
In a small bowl, combine 1 can of golden mushroom soup with 1 can of water and pour over the meatballs.
Cover casserole dish with foil then bake for 45 minutes.